JPMorgan Chase & Co. Issues Pessimistic Forecast for Enovix (NASDAQ:ENVX) Stock Price

Enovix (NASDAQ:ENVX) had its price target reduced by investment analysts at JPMorgan Chase & Co. from $12.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 23.76% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Cantor Fitzgerald decreased their price objective on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Oppenheimer set a $24.00 target price on Enovix in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research report on Friday, October 31st. Finally, Canaccord Genuity Group lowered their price objective on Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Enovix has an average rating of “Hold” and an average price target of $17.67.

Enovix Stock Performance

Shares of ENVX stock opened at $8.08 on Wednesday. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The stock’s 50-day moving average is $10.75 and its two-hundred day moving average is $10.26. The company has a debt-to-equity ratio of 1.74, a current ratio of 9.72 and a quick ratio of 9.47. The firm has a market cap of $1.74 billion, a P/E ratio of -9.98 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The firm had revenue of $7.47 million during the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. Analysts predict that Enovix will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 18,614 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total value of $241,982.00. Following the sale, the chief operating officer directly owned 1,002,684 shares of the company’s stock, valued at approximately $13,034,892. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 14.10% of the stock is owned by company insiders.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas acquired a new position in shares of Enovix during the first quarter worth approximately $171,000. Bank of New York Mellon Corp increased its position in Enovix by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 504,179 shares of the company’s stock worth $3,701,000 after acquiring an additional 2,640 shares during the period. Envestnet Asset Management Inc. raised its stake in Enovix by 54.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 178,578 shares of the company’s stock valued at $1,311,000 after purchasing an additional 62,734 shares during the last quarter. Arizona State Retirement System boosted its holdings in Enovix by 5.4% in the 1st quarter. Arizona State Retirement System now owns 45,810 shares of the company’s stock valued at $336,000 after purchasing an additional 2,346 shares during the period. Finally, New York State Common Retirement Fund grew its position in Enovix by 26.1% in the 1st quarter. New York State Common Retirement Fund now owns 51,769 shares of the company’s stock worth $380,000 after purchasing an additional 10,700 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.